A spokeswoman from Apple declined to comment. But Wall Street was happy. Shares of Apple were up more than 1.5% to a new all-time high of above $102 a share.

While Apple would not be the first tech company to produce a smartwatch, it could very well be the company that makes the market into more of a mainstream one than the niche that is right now.

Back in June, Apple showcased several new apps that would appear to be a great fit for a smartwatch or other wearable device, such as the HealthKit app that will be able to keep track of a user's heart rate, blood pressure and other vitals. It also introduced HomeKit, which lets people control connected devices like thermostats, light switches and door locks from an iPhone or iPad ... and perhaps now an iWatch.

Still, there are many tech experts who wonder if anyone really needs a smartwatch when carrying around a phone or tablet is not exactly that much of an inconvenience. Reviews for Samsung's Galaxy Gear and other Android smartwatches powered by Google(GOOGL, Tech30) have not exactly been glowing.

What's more, it's unclear how anyone will be able to fully take advantage of apps and other services on a device that will have a fairly small screen.

There have been predictable jokes about Dick Tracy and Maxwell Smart. And Re/code even included an amusing photo of Fred Flintstone wearing a ridiculous looking watch in its story Wednesday.

But this is Apple that we're talking about. There probably will be plenty of iFaithful lining up to get iWatches along with the new iPhone 6 later this year.